Richard Montana | August 12, 2022
AAATrade is an online forex and CFD broker, investment firm, crypto exchange and liquidity provider. They can provide you with access to trade a good variety of financial instruments on the popular and powerful MT5 trading platform. My research and testing identified that the broker has competitive trading fees and low spreads along with a range of trading tools and educational resources to help you with your daily trading routine.
Pros & Cons
- Access to trade over 60,000 instruments from over 60 exchanges
- Modern and robust trading platforms for desktop and mobile
- Cryptocurrencies supported
- Spreads from as low as 0.1 pips
- Commission free account options
- Get access to free expert market analysis
- AAATrade Academy to educate beginners
- Managed accounts available
- Free demo trading accounts
- The broker does charitable work
- Flexible funding options
- Clients from over 30 countries are not accepted
- Minimum $500 deposit required
- No fixed spread accounts
- No swap-free accounts for Muslim traders
- No MetaTrader 4 platforms
Founded in 2013, AAATrade is a financial investment firm located in Cyprus. I found that the company offers a plethora of financial services to retail and institutional clients alike. This includes trading on over 1,000 CFD instruments, along with an impressive selection of 60,000 securities.
If that wasn’t enough, they have expanded to give you seamless access to crypto broker services where you can exchange more than 50 cryptocurrencies including Bitcoin and Ethereum.
For those of you who are looking for a hands-off solution, I am pleased to say that the brand also has managed portfolios and financial investment advisory services you can take a look at. As you can probably tell, there is a lot you can do with this broker. I think it is great to have everything under one roof.
AAATrade offer the No Dealing Desk (NDD) brokerage model which means that you can get direct access to the markets without broker interference. They state that they operate the straight through processing (STP) model so they won’t be taking the opposite side of your positions which I feel sometimes can lead to a conflict of interest. The quality of the liquidity available is evident by the fact that they are also a liquidity provider that services several institutional partners by offering them competitive services and modern technologies.
As part of its social responsibility, AAATrade supports the United Nations International Children Emergency Funds (UNICEF). They are proud to financially support an organisation that preserves, protects and improves the life of children across the globe. The broker also supports the Vatican Museum in its efforts to preserve some historical works of arts. I find this charitable work highly commendable and think that it helps show that the broker operates with integrity. It is good to know some of the fees they charge me will go to good causes.
I am impressed with the regulations that this broker has. They are regulated in multiple jurisdictions which means that you have some protection in place as they must follow strict rules in order to comply with the regulators. If this is important to you, AvaTrade are one of the most well-regulated brokers you will find.
AAATrade Ltd is a Cyprus Investment Firm (CIF) with the registration number: HE 322745. The broker is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with the Licence number 244/14. Through the MiFID II passport, AAATrade is also registered with some other European regulatory authorities like BaFin in Germany with license Number: 45052, the FCA in the UK with reference number: 659844, and the CNMV in Spain with reg. Number 3846.
Your funds are kept secure with top tier Swiss Banks. This is important for me as it means that they are not used by AAATrade to run its daily internal operations. Rather, they are held in segregated accounts in such a way that in the unlikely event that the company becomes insolvent, funds can be returned to us.
AAATrade is also a member of the Investor Compensation Funds (ICF). This membership gives further protection to the clients as their funds are insured under this scheme. The main problem with this is that ICF does not cover institutional and professional investors, plus it is also capped.
AAATrade states that it does not establish accounts to residents or passport holders of certain jurisdictions including the following countries: Zimbabwe, Iceland, Mongolia, Ethiopia, Syria, Yemen, Sri Lanka, Pakistan, Panama, Tunisia, Trinidad and Tobago, The Bahamas, Botswana, Ghana, Iran, North Korea, American Samoa, Guam, Samoa, US Virgin Islands, Sudan, US, Afghanistan, Bosnia and Herzegovina, Guyana, Algeria, Bolivia, Morocco, Nepal, Iraq, Lao PDR, Uganda, Cambodia and Vanuatu.
If your country is not accepted then don’t worry. You can find hundreds of alternative brokers to choose from in our broker ratings.
You can trade on the MetaTrader 5 (MT5 for short) platform with AAATrade. MT5 is one of my favourite platforms as I find it very easy to use. It has everything you would expect for analysing the markets and placing trades. I would have preferred it if they also supplied us with the MT4 platform as I run automated trading system in that one. However, MT5 actually has more functionality overall. If you do need access to MT4, then you could consider Admirals instead. You will find that they have both the MT4 & MT5 platforms.
MT5 Web Trader
This is the web version of the popular MT5 trading platform. This version runs directly in your web browser which is great because it means that you don’t have to download or install any software. It also means that the platform is always up to date. I found that it is compatible with most modern web browsers. It has a simplistic layout which means that you can trade forex and CFDs with relative ease. You will find that the trading platform can support multiple order types which are executed with speed and efficiency.
MT5 Desktop Terminal
This is the desktop version of the MT5 platform. It is the main version of MT5 with all the full trading features and applications. The MT5 desktop platform is designed with sophisticated trading tools, charting and analytical tools. It can support your most basic and complex trading needs, with tons of additional tools available from the MQL marketplace.
I actually prefer the desktop version of the platform because it supports automated trading with expert advisors. However, I can also appreciate that it is easier to access the web platform. Either way, you should find the platform to deliver an excellent trading experience with endless possibilities.
Here is a summary of what I find to be some of the core features of MetaTrader 5:
- It has customisable interface, layout, colours and tools. You can choose to view only their favourite assets and charts.
- It supports the creation and use of expert advisors (EAs) which automates your forex and CFD trading.
- The platform features 3 types of charts namely: line, bars and candlesticks which are displayable over 21 timeframes from one minute to one month.
- It comes preloaded with 38 technical indicators which you can increase to thousands through the installation of plugin apps.
- There are around 44 analytical and drawing tools which are used to analyse the charts.
- It comes with the economic calendar which is an important tool in fundamental analysis.
- You can set price alert notifications via pop ups, email and SMS.
This is AAATrade’s proprietary trading platform for buying and selling of cryptocurrencies like Bitcoin and Ethereum. Just like with MT5, the CryptoExchange is available as a web based platform. It is also available as a mobile trading app for Android or iOS devices which you can download and install from the respective app stores.
I think it is a great advantage that the broker provides crypto wallets for holding cryptocurrencies as this helps to set them apart from other brokers. You can even buy cryptos with fiat currencies such as the USD, EUR and JPY. Whilst it is handy to have this service, if cryptos are your primary asset of choice, them you may wish to look at our best crypto brokers.
This is yet another mobile app which you can use for trading the markets if you want something a little different. With this app, you can access a wide range of financial markets and enjoy good market execution speeds at some of the best available prices. I like that I can get access to trade over 60,000 assets from anywhere and at any time. I don’t always want to switch my computer on if I just need to quickly see what my trades are looking like.
You can access a range of trading tools and the AAATrade Academy directly in the app. The academy has a decent amount of training materials which you may find useful if you are a beginner. On top of all this, AAATrade’s webinars, live market events and useful trading insights from experts are also available from this comprehensive all in one app.
As you can probably tell so far, this broker is certainly not short of products and services. The same applies when it comes to the trading tools that you can get access to. I found a generous selection of helpful resources which include market research and trade management tools.
Despite that, they don’t have popular software market analysis tools such as Autochartist or Trading Central, both which can be great for finding trading signals. GO Markets provide these if you are looking for automated analysis and customised price alerts.
AAATrade has managed portfolios in line with the applicable standards. Client’s assets are managed by the brokers in house team of professional traders. The managers are drawn from various backgrounds such as economics, finance and banking. The broker can develop strategies based on your individual risk preferences. Personally, whilst I see the benefit of this for those who have time constraints, I prefer to trade my own strategies.
Daily technical analysis is presented on the website which I thought were useful for getting an overview of market movement. There can be up to 3 updates in a day but you will need to check for them. The analysis focuses primarily on selected trading instruments especially stocks and forex. It is also available in the clients’ area. I think they could be improved if they could be expanded to more markets and implement price alerts.
Bloomberg’s P & L podcasts are provided daily in the news tab of the ‘toolbox’ menu in the clients’ area of website. This podcast focuses on the financial markets, interviews and analysis. The audio of the podcast is loud and very clear as you would expect. If you are an auditory learner, you will probably enjoy these.
The economic calendar is also available in the clients’ area of the website. It shows the dates, times and history of global events and their potential impact, analysts’ consensus and actual impact. This tool is very important for those of you who need to conduct fundamental analysis as part of your trading strategy.
I think it is imperative to be aware of what is going on around the world if you are actively involved in the financial markets. A significant news release can cause big movements in price, so it is best to be prepared in advance. Of course, not all news is expected but that is where money management comes into play.
This section presents you with detailed technical analysis videos on selected trading instruments. The videos are precise, clear and usually short (less than a minute). I don’t think these are sufficient enough to build a strategy around but can help teach you some different trading methodologies if you are open to learning more.
You can gain access to the AAATrade Academy from your client area when you signup. I was pleased to see that it contains lots of helpful training videos, eBooks and even a glossary. All of these can help new traders become more accustomed to the markets but I don’t think that the experienced traders amongst you will learn anything new.
This section contains several trading videos for you to browse through at your leisure. They are grouped under the following sub topics:
- Forex Trading: There are 7 videos on online trading, pips, currency pairs, leverage and technical analysis.
- Market Analysis: This section contains 6 videos on fundamental/technical analysis foundations and strategies.
- Trading Psychology: A video on developing a trading plan to avoid the fear of losing.
- Trading Strategies: 2 videos on developing technical analysis strategies.
- Stocks: There are two videos on the meaning of stock trading as well the terms commonly associated with it.
- CFDs: A video on margin and leverage in CFD trading.
- Technical Indicators: 4 videos focusing on candlesticks, Bollinger bands, moving average, support and resistance.
- Cryptocurrencies: A video explaining the trading terms associated to cryptocurrencies.
The videos are generally short (less than 2 minutes), precise, loud, clear and animated.
The academy contains 4 free trading guides on Forex, CFDs, Stocks and Cryptocurrencies. I found these to be more targetted towards novices and relatively short as they are all less than 20 pages.
You can browse a glossary of around 130 trading terms in the traders academy. This is helpful if you want to familiarise yourself with some of the more commonly used trading terminologies that you may come across.
You get a choice to trade a generous range of over 1,000 CFD instruments and about 60,000 securities. Whatever your interests, there is likely to be something for everyone.
The financial instruments available to you are as follows:
- 9 Bonds
- 26 Forex pairs
- 6 Metals
- 55 Crypto assets
- 14 Futures
- 70 options
- 84 ETFs
- 34 indices
- 800+ stocks traded on 24 exchanges
I think this is a diverse offering, covering all of the major markets. They could perhaps improve by adding some more currency pairs. If you mainly plan on trading forex, then you could have a look at IC Markets who are one of my top picks when it comes to forex brokers.
There are a few different account options available. The account that you opt for is likely to depend on what trading strategy you plan on using. If you want low spreads then you will probably be looking at the experiences account. It does have a small commission fee but the spreads are lower than on the novice account. If you are not too concerned about the spreads, the novice account does not charge any commission. However, this is only because the commission is already accounted for within an increased spread. I would personally choose the experienced account as I like to use scalping strategies that rely on tight spreads on major currency pairs.
For both the beginner and experienced accounts, advanced services give access to 5% commission rebate and personalized training with analysts. Premier services attract 10% commission rebate, concierge services and a dedicated account manager. I think it is great that they reward traders for their loyalty and trading larger volumes.
The maximum leverage is capped at 1:200. I think this is plenty as leverage can be risky if you dont know what you are doing. However, if you want higher leverage, LMFX offer 1:1000.
I noticed that the spreads can be as low as 0.1 pips on major currency pairs. These are not the lowest spreads but most of you will probably not notice much of a difference.
The minimum deposit of $500 is also not the lowest you will find. If $500 is too much for you, TD365 let you get started with just $1.
This account is designed for those of you who are new to forex and CFD trading. It offers competitive spreads with no commissions charged. The account has 3 tiers with different minimum deposit amounts and features:
- Basic services: minimum deposit is $500
- Advanced services: minimum deposit is $25,000
- Premier services: minimum deposit is $100,000
This account could be for you if you already have some experience trading online. It is my preferred choice, especially as it has exceptionally tight spreads and low commission fees. This account also has 3 tiers with different minimum deposit amounts and features:
- Basic services: minimum deposit is $500.
- Advanced services: minimum deposit is $25,000
- Premier services: minimum deposit is $100,000
If you just want to see what the broker has to offer, then you can open a free demo account as you can with most brokers. I think this is a great way to make sure they have suitable trading conditions and to familiarise yourself with the trading platforms. It is also letting you practice new strategies without any financial risk. I usually always try a new system on a demo account to see how well it performs.
This account gives you access to trade over 50 cryptocurrencies from the CryptoExchange.
The account again has 3 tiers:
- Basic services: minimum deposit is $500
- Advanced services: minimum deposit is $2,500
- Premier services: minimum deposit is $25,000
Basic services account holders get free access to the education centre while advanced services get daily market reviews and personalized training with analysts. Premier Service accounts get priority support, personal account managers and access to concierge services. CryptoExchange account holders trade only on the CryptoExchage platform. Spreads and leverages are not applicable.
To open an account and commence trading with them, you can click on ‘Open Account’ which you will find located on the top of the webpage. If you select ‘Trading Account’ then the form below should be displayed. You can fill the form and click on ‘open account’. Following on from that, you will be sent an email which contains a link to confirm your account. After email registration, you are prompted to login to the traders’ area with the just created login details. The next step is to fill the questionnaire and then upload KYC documents. I noticed that unverified accounts are limited to $2,000 deposit.
The client support team is available 24/5 on various channels. For your convenience, AAATrade has provided 25 phone numbers from different countries. Just choose your country, find the phone number and call. The team can also be reached on instant web chat, ‘contact us’ form and email. On social media, they are on Facebook, Twitter, LinkedIn and YouTube. I am very impressed with the support options available and don’t think you will have any issues getting hold of someone.
I certainly did not find there to be a lack of funding options to make deposit and withdrawals. You have the usual bank transfer and card payments, along with digital wallets and cryptos. In fact, they are one of a limited selection of brokers I have come across who actually accept crypto payments. If you do need a broker that supports crypto funding, then KOT4X are an alternative option I believe could be worth consideration. They aim to process all of your withdrawal requests within 24 hours. This is pretty standard with most brokers but I have often seen fund processed much quicker. The account base currencies are: USD, EUR and GBP. This means you can avoid currency conversion fees if you fund in your own account currency.
Bank Wire transfers
Deposits are free but a withdrawal commission of €10 is charged for every withdrawal using bank transfer. It takes 2-7 working days to completely process a bank transfer payment. If you don’t need your funds in a hurry, then this should work for you. Otherwise, you might want to look at the online payment methods they support below.
All major credit cards are accepted including Maestro, Visa and Mastercard payments. The broker will demand a softcopy of the card before using it for payment. I found this slightly annoying but respect policies. I did like that card transactions are commission free.
Skrill, Neteller, Fasapay, QIWI and Union Pay are the e-payments methods available. No commissions are charged and payments are processed immediately. This is my preferred funding option as I like to get quick access to my funds in case there is a market move I want to try and capitalise on.
Being a crypto exchange, they can accept cryptocurrencies as forms of payment. You are required to prove that the cryptocurrencies belong to you by taking snapshots of you crypto wallet which can be an unnecessary hassle but I do understand it is part of the security measures they must undertake.
AAATrade is a rapidly growing online broker. I am genuinely impressed by the vast range of products and services that they provide. You can trade a good range of around 1,000 CFDs, 60,000 securities and 50 cryptocurrencies. You get access to trade on powerful platforms for desktop and mobile with good spreads and low commission fees. The platforms are versatile, sophisticated and suitable for all trading styles and skill levels.
I like that the broker is regulated in different countries as this gives me confidence to trade with them. This is because regulation means that they must comply with all the rules put in place to protect investors, which includes account segregation, security, reporting and other requirements.
They also encourage beginners to learn more with a dedicated trading academy. The managed portfolios can be beneficial to those of you who don’t have the time to trade by yourself.
Overall, I would have no problem trading with this broker. If you are unsure, there is a free demo account which comes preloaded with virtual funds. However, if you do decide to switch over to a real account, the minimum deposit of $500 is quite high compared to competitors.